Friday, July 29, 2016

Next Support For The KLCI at 1,644.00 Points.

This week the KLCI closed on a very quiet momentum. From the indicators it appears the KLCI is heading south at these moments with the next supporting lines at 1,644.00 points (50 days moving average). Breaking this point we might be aiming the next target of 1,615.00 points.

The MACD is crossing over indicate the KLCI is weak and the MACD Histogram also flashing RED colour. At these moments we will call it as a correction or consolidating after recent run up but still the index is below 100 days and 200 days moving average.

If the KLCI want to have positive sign and come up from their bear territory, the index need to move higher and close above 1,668.00 points. With so many negative news surrounding the 1MDB issue it is wise able to trade cautiously with careful approach on certain counters which is moving into positive territory.